Seminar Recording: Unpacking the Latest COVID-19 Relief Package

We held a virtual seminar on January 12, 2021 to unpack the pertinent elements of the latest COVID-19 Relief package: “Paycheck Protection Program 2 and the Consolidated Appropriations Act, 2021.” Presented by Steve Moyer, CPA PFS CGMA CSEP and Brent Thompson, CPA CMA CGMA, highlights included a review of:
  • Business Provisions
    • Loan Forgiveness and Forgiveness Applications for PPP1
    • New Second Round of PPP Funding (PPP2)
    • Changes in Employer Credit for Paid Family and Medical Leave
    • Changes to the Deferred Payroll Tax Rules
    • Changes to and Expansion of the Employer Retention Credit
    • Changes to Meal Deductions
  • Individual Provisions
    • Second Round of Economic Impact Payments
    • Changes to Child Tax Credit and Earned Income Credit Rules
    • Changes to Certain Contribution Rules
    • Temporary Changes for Health and Dependent Care Flexible Spending Accounts (FSA)
  • Numerous Disaster Relief Provisions, Energy-Related Provisions, Pension and Health Provisions and more.
Here is a summary of the legislation from AICPA. Watch the recording of the seminar and access a PDF file of the presentation. If you have any questions, please contact us via phone at 215-723-4881 or via email.

Computer Recycling Program

In an effort to support our environment, provide our customers with a cost-effective, easy way to dispose of their unused computer equipment and comply with local equipment disposal laws, we are announcing a new computer equipment recycling program. Here’s how it works:

At your request, we will recycle your used computer equipment for you. Computers will have their hard drives rendered inoperable (so that there is no possibility of anyone extracting data from them). We will then transport your equipment to a certified computer equipment recycling center for proper disposal.

To encourage as much participation in this program as possible, we are keeping the fee for this service to a minimum. To have your computers recycled, simply:

  1. Complete the form below, indicating the quantity of each item to be recycled
  2. Drop your equipment off at our office (along with this form), or give your equipment to one of our staff persons when they are at your office for another engagement
  3. We will send you an invoice for the service fee

Computer Equipment Recycling Program (PDF)

Elm Terrace Gardens Technical Support Request

Canon Capital Technical Support Request

Note: Please use this form for NEW support requests only. Do not use for general correspondence or for checking the status of an existing request as this will create duplicate entries in our ticketing software.

Services: Let’s Get Started

Accounting

Our team of certified public accountants, certified management accountants, and chartered global management accountants work with you to understand your goals – personal and business.

Payroll

You didn’t start a business to run a payroll company. We stay up-to-date on the latest tax rates and payroll practices so you don’t have to. Our efficient, cost-effective payroll services allow you to continue working on your business goals.

Wealth Management

We work with business owners and personal investors to provide unbiased advice and clear expectations on investment choices.  We work with companies to develop successful retirement plans, such as 401(k) and 403(b) plans, helping employees reach their retirement goals.

Technologies

We take the worry out of your computer system management. From cyber threat management to data back-up, we work with you to address your concerns and make sure your systems are working for you.

Craig Covington

Owner & Technical Consultant

Craig serves as a Technical Consultant on the Canon Capital Technologies team, guiding business clients through all aspects of Managed IT Services, Network Security, Data Backup & Recovery, and Help Desk Support. He was admitted to the company as a unitholder (owner) in 2019 and leads sales and marketing for the Technologies business unit. He has a business degree from Delaware Valley College and an MBA in Marketing from LaSalle University.  Prior to joining Canon Capital in 1998, Craig worked as a general manager of a car wash, as a controller of a heavy equipment company, and as a senior technician for a major home improvement company.  Craig is a Microsoft Certified Professional.  Craig also serves as executive director of Healthy Neighbors International, a non-profit medical missions organization serving in Nicaragua. Craig resides in Doylestown with his wife and has four children. He enjoys spending time with his family.

Zoom Meeting on January 12, 2021 to Unpack the Latest COVID-19 Relief Law

On December 27th, President Trump signed into law the second-longest piece of legislation in U.S. history. Needless to say, there are countless provisions in this law that affect businesses and individuals alike – including the second round of PPP funding.

Please join Steve Moyer, CPA PFS CGMA CSEP and Brent Thompson, CPA CMA CGMA on Tuesday January 12, 2021, for a Zoom session from 10:30 a.m. – 12:00 p.m. They will start to unpack the 5,593 pages of legislation and discuss the topics that have the largest and most immediate impact on you and your business. There will be an opportunity to ask questions via the Zoom chat feature.

Highlights of the law include the following:

Business Provisions

  • Loan Forgiveness and Forgiveness Applications for PPP1
  • New Second Round of PPP Funding (PPP2)
  • Changes in Employer Credit for Paid Family and Medical Leave
  • Changes to the Deferred Payroll Tax Rules
  • Changes and Expansion of the Employer Retention Credit
  • Changes to Meal Deductions

Individual Provisions

  • Second round of Economic Impact Payments
  • Changes to Child Tax Credit and Earned Income Credit Rules
  • Changes to Certain Contribution Rules
  • Temporary Changes for Health and Dependent Care Flexible Spending Accounts (FSA)

Numerous Disaster Relief Provisions, Energy-Related Provisions, Pension and Health Provisions and More

Register here. Registration is limited to 100 attendees and is available on a first-come, first-served basis. After registering, you will receive a confirmation email containing information about joining the meeting.

Please feel free to share this invitation with other business owners or managers you may feel would benefit.  You do not need to be a Canon Capital client to attend.

 

A Summary of the COVID-19 Relief Bill Passed by House and Senate Last Night, December 21, 2020

Late in the evening on Monday, December 21, 2020, the House and Senate passed a massive 5,593 page COVID-19 Relief and Government spending Bill. The President is expected to sign it into law today. The bill is a combination giant year-end government spending bill and a COVID-19 relief package combining $900 billion in COVID-19 relief aid with $1.4 trillion in regular government funding and a bevy of tax breaks for businesses. This pandemic relief bill is the second largest bill in history, only to be surpassed by the virus relief package signed into law just nine months ago.

The following is a brief summary of some of the major provisions of the new pandemic relief bill. A more detailed summary can be found here.

  • The legislation would provide direct payments of $600 to most Americans and their children. This would be for those individuals making up to $75,000 and $1,200 for married couples earning up to $150,000 as well as $600 per child. There will be a phase out for those individuals and families earning more than those amounts. The payments will go out as soon as next week, Treasury Secretary Steven Mnuchin said Monday.
  • For the unemployed, a $300-per-week in enhanced unemployment benefits will be put in effect through March. Unemployment insurance programs for gig workers and the long-term unemployed also would be extended.  Pandemic Emergency Unemployment Compensation, which provided up to 13 additional weeks of jobless benefits to those who had exhausted their regular state benefits, was extended as well.
  • Businesses who previously received PPP loans, will be able to deduct expenses related to these loan proceeds.
  • A second round of PPP loans (for now called PPP 2) will be available to businesses beginning in early January 2021.  These loans will be available to businesses who didn’t receive them under the first round or for businesses who received first round loans, but had a reduction of revenue in 2020 related to the Covid pandemic.
  • Simplified loan forgiveness for PPP loans under $150,000.
  • The measure contains $25 billion for emergency rental assistance, and it extends the Cares Act’s eviction moratorium until Jan. 31.
  •  It also has $82 billion for education funding, as well as $10 billion to support childcare providers, $15 billion for entertainment venues and $13 billion for nutrition assistance.
  • Additional measures include certain tax breaks and tax extenders for expiring tax provisions.

We will keep you up to date as additional information becomes available. We will look to offer some Zoom webinars in early to mid-January, 2021,  so be on the look-out for additional information.  If you have specific questions related to your own situation, please feel free to reach out to us via email or phone at 215-723-4881

Client Technical Support Request

Note: Please use this form for NEW support requests only. Do not use for general correspondence or for checking the status of an existing request as this will create duplicate entries in our ticketing software.

Technologies

Canon Capital Technologies has put together a staff of talented, knowledgeable, and experienced technology consultants who pride themselves in providing the very best, yet sensible, solutions available for each business we work with.

Whenever your business needs help with applying technology to improve communications, boost productivity, or increase revenue, just call on our experienced staff of technology consultants.

In today’s fast paced, ever-changing, Internet-connected world, you can turn to us to help your business keep up with it all. You can rely on us to be there for you!